Perth text scam tycoon in another bail bid

Lawyers for a technology tycoon who is in jail in Perth as US authorities prepare extradition proceedings over a text message scam have urged the Federal Court to overturn a bail refusal, saying relevant material was ignored.

Russian-born multi-millionaire Eugeni "Zhenya" Tsvetnenko was charged by New York authorities in mid-2016 with wire fraud, conspiracy to commit wire fraud and conspiracy to commit money laundering, which each carry a maximum prison sentence of 20 years.

It wasn't until five days before Christmas, however, that he was arrested at his Applecross home and he has since then been detained at Hakea remand prison.

On Tuesday, the 39-year-old's lawyer Anthony Young urged Federal Court Justice Neil McKerracher to quash the decision, arguing the finding his client could flee was a "mere speculative possibility".

Mr Young pointed out Mr Randazzo noted in his reasons for rejecting the bail bid that Tsvetnenko had long known he faced extradition, lived openly under his real name and had at no stage been a fugitive.

He had not travelled overseas since early 2016, and had offered to surrender his Australian and Russian passports.

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But these circumstances, along with his close, supportive family, were "quite deliberately, perversely ignored", Mr Young said.

The lawyer also said the magistrate had disregarded two professional medical opinions that the father-of-two, who suffers from depression, anxiety, panic attacks and a spinal condition, was at risk of serious deterioration in custody.

The lawyer representing US authorities, Eric Heenan, said the magistrate had properly reached his decision and the application to overturn it should be dismissed.

Justice McKerracher has reserved his decision, saying he will deliver it as soon as possible.

Tsvetnenko was present in court, flanked by guards, while his estranged wife Lydia sat behind him in the public gallery.

It is alleged Tsvetnenko and co-offenders charged hundreds of thousands of mobile phone customers $US9.99 per month for unsolicited, recurring text messages about horoscopes, celebrity gossip and trivia between 2011 and 2013.

The US Attorney's Office says the "auto-subscription" scheme generated more than $US150 million in illegal profits, which the scammers used to fund lavish lifestyles, including expensive holidays, luxury cars and gambling.